Mr. John Campbell reports

BEVCANNA ANNOUNCES SHARE CONSOLIDATION

Bevcanna Enterprises Inc. intends to consolidate all of its issued and outstanding common shares on the basis of 20:1, with each 20 preconsolidated common shares being consolidated into one postconsolidated common share. The company has approved a record date of Feb. 26, 2024. As a result, management anticipates that the common shares will commence trading on the Canadian Securities Exchange on a postconsolidation basis at market open on Friday, Feb. 23, 2024.

As required by CSE policies, the company obtained shareholder approval for the consolidation at the company's annual general and special meeting held on Feb. 6, 2024. The proposed consolidation has been approved by the company's board of directors. Following the consolidation, the common shares will begin trading on a consolidated basis under the existing company name and trading symbol.

The proposed consolidation would result in the number of issued and outstanding common shares being reduced from the current outstanding 61,441,210 common shares to approximately 3,072,061 common shares, subject to rounding. No fractional shares will be issued as a result of the consolidation. Any fractional shares resulting from the consolidation will be rounded up to the next whole common share, and no cash consideration will be paid in respect of fractional shares.

The board of directors of the company believes the consolidation will provide the company with greater flexibility for future corporate activities, enhance the marketability of the common shares as an investment and lead to increased interest by a broader spectrum of potential investors, thereby increasing its ability to secure additional financing for operational and growth initiatives.

The company will be obtaining new CUSIP and ISIN numbers in connection with the consolidation. The new CUSIP and ISIN numbers will be disclosed in a subsequent news release. The company anticipates that the CSE will issue a bulletin to dealers advising of the consolidation and effective date of trading on the consolidated basis.

About Bevcanna Enterprises Inc.

Bevcanna Enterprises is a diversified lifestyle and wellness consumer packaged goods company. Bevcanna develops and manufactures a range of alkaline, mineralized and cannabinoid beverages and supplements for both in-house brands and white-label clients.

Based in British Columbia, Canada, Bevcanna owns a pristine alkaline spring water aquifer and a high-capacity 40,000-square-foot Health Canada and HACCP certified flexible manufacturing facility in Osoyoos, B.C. The company's extensive distribution network includes traditional and regulated retail distribution and on-line through its market-leading brands.

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